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Q: If I use my Wells Fargo supported card to redeem rewards, is there a fee?
A: There is a fee for using your rewards points to purchase an airline ticket. Wells Fargo charges a $24 “ticket processing fee.” They also require that you redeem at least 25,000 rewards points, even if the cost of the ticket is below this.
This makes it less desirable to redeem cheap plane tickets.
As long as you are purchasing a flight that is worth at least $250, though, you’ll be getting close to 1 cent per point, which is more than you can say for a lot of rewards programs, and any of Wells Fargo’s cheaper gift cards.
There doesn’t appear to be any fee for receiving your rewards in the form of gift cards, cash back, or other items.
Gift cards can be a good way to redeem your points, as long as you have at least 10,000 points to redeem, and you can find a gift card that you want.
At 10,000 points and above, gift cards are almost all worth 1 cent per point, which is a pretty good deal for rewards points.
Cash rewards, on the other hand, don’t reach 1 cent per point until you redeem at least $250 worth, or 25,000 points.
Some light users might be wise to choose to redeem a gift card rather than waiting years for enough points to get cash back.
With Wells Fargo’s rewards system, points above 25,000 tend to be worth about 1 cent per point, whether you receive your reward as cash back, a plane ticket, or a gift card. The $24 fee, however, may make it worth it to go ahead and receive cash back and buy a plane ticket with the cash, instead of purchasing the ticket directly.
Compare the points cost of each before deciding on your reward. If you aren’t looking to fly, cash back and gift cards are the way to go.